AI and Business: Ready to make your Business Smarter?

Artificial Intelligence (AI) is everywhere! You experience it when Google Maps provides you with an ETA of your destination. Banks develop AI to detect fraudulent transactions and make better credit decisions. Facebook is known to use cognitive intelligence for customizing your news feed. It shows that machines have slowly crept up in our lives. And, so, they are bound to be part of our livelihood.

When businessowners think of AI, they tend to relate the technology to robot uprising. But, the reality is far from the perception. Instead, you can make use of AI to improve customer relations, increase profitability and make your business smarter. Whether you are considering efficient ways of data management or strategic decisions, it is best to give AI a second thought. According to the insights from Boston Consulting Group and MIT Sloan Management Review of 2017, 72% of the respondents believed that AI will have a significant impact on how products are offered to consumers. And, 84% believed that it will give their business a competitive advantage.

How to integrate AI into your Business?

Remember AI is not witchery and wizardry. You need to have scalable infrastructure, efficient human resource and a well-structured plan to ensure that Artificial Intelligence works for you. If you are interested in integrating AI in your business, here’s how you can do it:

1. Accept and Understand

AI, in its current stage, is not performance driven. It means you cannot devise a quick plan to use AI in your business. You need to spend time in research and understand that the technology needs time to evolve on its own. Stay updated on AI technology that is being used by competitors and market leaders in the adjacent industries. Begin with knowing the common AI terminologies and learn how you can apply it to your business. It will allow you to identify incredible growth opportunities.

2. Quantifiable Goals

Are you excited about using AI in your business? Before hiring a team, you need to define parameters for using the technology. What will the team do for you and your business? Find out which areas of your business need improvement. Will implementing AI help you in it? Determine the Key Performance Indicators (KPI) of your business and then work on using AI to help you improve them. Creating quantifiable ROI goals will ensure that the technology works for you.

3. Begin with Real Intelligence

It doesn’t make sense to jump on the bandwagon if you do not have the right team to comprehend data provided by AI. But, it doesn’t mean you have to hire AI experts, data scientists, software developers in the beginning. Make use of existing employee base. Find employees with knowledge of computer program or someone who is passionate about AI. Once your business is ready with a basic understanding of AI, hire experts to reach your goals.

4. Start Small

In the beginning, there is no need to develop your AI solutions from the scratch. You can work with AI solutions offered by your existing vendors. For example, if you are using CRM from Salesforce, you can make use of their Einstein feature to obtain predictions on the basis of customer data. Even, Microsoft is using AI to improve customer experience of Bing, Cortana as well as MS Office 365. And, once you are sure of your specific requirement, use open source software from Google, Facebook, Amazon, Microsoft, etc. to build an AI solution for your business.

Adopt AI: It’s the Future of Business

You may consider investing in AI as an unnecessary investment. But, many businessowners are entering the world of cognitive intelligence in order to win the competition. If you want to stay ahead in the game and have a strategic advantage over your competitors, you must make your business smarter with AI. Remember it is not a fad that will dominate for a season. It is shaping the way business is conducted. Use it to your advantage; get ready to save money and earn money.

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